Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. dblplay1212

    dblplay1212 Well-Known Member
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    lol why are you losing your shit over this :laugh: I made a statement about the current thread topic. Unless you want to argue that Tether is legit, just shut up. Jesus.
     
  2. Harrison Beck

    Harrison Beck Bailout Bro
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    Me repeatedly saying it’s irrelevant = losing my shit. Got it. It’s an old husk guy argument which has been beaten to death in here for a year, probably longer actually.
     
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  3. dblplay1212

    dblplay1212 Well-Known Member
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    I hope your day gets better.
     
  4. Harrison Beck

    Harrison Beck Bailout Bro
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    lol. Life’s been pretty great since 15k
     
  5. dblplay1212

    dblplay1212 Well-Known Member
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    Clearly.
     
  6. letan

    letan Just looking for the gator board
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    This is one of the things I can’t get past when looking at crypto. I can’t figure out how this isn’t a scam and fraud. Seems to me that there is a ton of tether being printed and then buying Bitcoin which makes the price go up. That’s fine now and you can make a bunch of money but the rug has to be pulled away at some point.

    And then the second thing is how fanatical Bitcoin people can be. You bring up this point and they start saying FUD (didn’t even know what that was without googling it). I’d like to read an article that clearly articulates why this isn’t an issue like the one you posted.
     
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  7. southside

    southside Well-Known Member
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    loaded the bags earlier this week while the algo stable coins die a slow death
     
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  8. user15000

    user15000 Well-Known Member

    I posted about 10 resources on the last page. Feel free to read/listen to any of them. Or don’t.

    The data in the article is complete nonsense.

    When grayscale, PayPal, and the cash app are all independently buying up the daily supply of btc with zero tether involvement, it is hilarious to think tether is driving price. Grayscale bought like 10,000 btc in the last 2 days, the vast majority of which was funded by institutional investors.

    I honestly hope the tether stuff persists and keeps out big buyers. It has absolutely nothing to do with whether btc is a store of value.
     
    #11258 user15000, Jan 16, 2021
    Last edited: Jan 16, 2021
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  9. dblplay1212

    dblplay1212 Well-Known Member
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    Nobody is saying it's only Tether.
     
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  10. user15000

    user15000 Well-Known Member

    Nor does my post say that. The people posting about it now and for the last 5 years have argued that it’s responsible for driving the price, more so than actual dollars.

    I’ve heard about tether conspiracies since the summer of 2017. They’ve existed for years before that. It should tell you something that the market actually trades dollars against tether at a 1:1 ratio—i.e., the market prices them as fully backed by dollars or dollar equivalents.

    I posted multiple resources on the last page and honestly have no interest in a back and forth on it. Tether talk pops up every cycle.
     
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  11. user15000

    user15000 Well-Known Member

  12. letan

    letan Just looking for the gator board
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    The first guy compares tether to qanon so I’m gonna go ahead and dismiss him and his responses. Let’s be serious with that.

    The kraken blog post is defending themselves. They’re probably right and I don’t see a problem with that. The article whammy posted said they are a small player and they probably do take in one usd per tether. The other exchanges? Certainly doesn’t seem like it. They even say tether is collateralized ‘according to the issuer’ which is what I doubt.

    Not going to lie the one medium article with the hypothesis test is over my head. Need something that clearly articulates that to a regular person.

    In regards to shorting tether if we think it’s fake, I don’t think that’s possible for me based on my current job. Also outside of my risk appetite personally but if I had a lot more money and could probably something worth looking into.

    I’ll have to listen to the last podcast later.
     
  13. user15000

    user15000 Well-Known Member

    Nic Carter is one of the most reserved, connected, and smartest people in the industry. He’s calling it qanon nonsense because it is, including the data in the medium article.

    The experienced people in btc are dismissive and tired of tether conspiracies popping up every few years. No one is going to write a dissertation on why the earth is round.
     
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  14. letan

    letan Just looking for the gator board
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    grayscale has to continue to buy as more people buy its fund. grayscale is an easy way to invest in Bitcoin but certainly not the best (2% management fee, their fact sheet tells you what one share of gbtc equals and says one share will gradually be worth less over time)
     
  15. user15000

    user15000 Well-Known Member

    It’s a shitty option. 2% management fee and you pay a premium for the underlying btc (their website says what it is).

    something called obtc (I think) is being launched soon with way lower fees.

    An etf is needed.
     
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  16. Harrison Beck

    Harrison Beck Bailout Bro
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    Been shilling aave to a couple friends that asked for advice, fucked around and forgot to pack a bag myself. Fuuuuuuuck me
     
  17. Harrison Beck

    Harrison Beck Bailout Bro
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    Honest question, what happens to grayscale after an ETF?
     
  18. HuskerGuy99

    HuskerGuy99 Above Average Member

    A reminder that the "experienced people in btc" are the people trying to make money off of the "inexperienced people in btc," but this is probably just FUD and virtual database entries are probably just gold (buy more NOW and TODAY before you MISS OUT!)



    So according to the richest man on the planet, NOT Bitcoin. Too slow. Ancient blockchain technology.
     
  19. southside

    southside Well-Known Member
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    Lmao nooo

    I’m loaded on SNX aave sushi and UNI. Plus many more
     
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  20. southside

    southside Well-Known Member
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    They lower their NAV and expense ratio I would guess

    they’re ahead though by all of the other coin offerings they have other than just btc
     
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  21. southside

    southside Well-Known Member
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    It’s coming this year. Thank you based Biden admin
     
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  22. user15000

    user15000 Well-Known Member



    Just released. I tend to align with his views on inflation.
     
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  23. Taffy

    Taffy Token Brit poster
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    Polkadot absolutely having it away atm
     
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  24. HuskerGuy99

    HuskerGuy99 Above Average Member

    https://pbs.twimg.com/media/Erz4XRoXUAYHk7m?format=png&name=900x900
    https://pbs.twimg.com/media/Erz1u_TXMAEmsK8?format=jpg&name=900x900

    Wut?

    So wait a minute here...you have the Bitcoin "maximalists" on here telling us that XRP is trash and worthless yet it appears that in 2007 (guess why the year is important here) Bitcoin.com and XRPL.org shared the same IP address? Wut? FUD?

    Why -- in 2007 -- would Bitcoin.com and XRPL.ORG share the same IP address? Can any Bitcoin "experts" in this thread explain this?
     
  25. user15000

    user15000 Well-Known Member

  26. HuskerGuy99

    HuskerGuy99 Above Average Member

    Venture capitalists in Silicon Valley literally reinvented Bitcoin as "digital gold" since it is a horrible blockchain technology that could not perform what it was initially designed to do. Yet another post from user15000 twisting the truth.

    Silicon Valley has poured hundreds of millions of dollars into Bitcoin marketing and development. The investment bankers poured the rest in. Now they want a return on their investment. Since Bitcoin has no value outside of what retail and outsiders are willing to pay for it, they must market to user15000s and HarrisonBecks.

    Bitcoin corrupted from its whitepaper ideals and now an instrument of the very financial system it was (allegedly) designed to disrupt.
     
  27. southside

    southside Well-Known Member
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    He had an interview the other day where he made a point I really liked about looking at your own inflation basket. What are the assets you want to own over the next 5, 10, 15 years and how quickly are those appreciating?
    We all know CPI is trash so this is a good way to personalize it
     
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  28. user15000

    user15000 Well-Known Member

    Couldn’t agree more. I listen to a lot of macro guys still predicting inflation/deflation on the CPI stuff. I can’t even take it seriously. Inflation is “what do you want to buy and how much does it go up every year?” A basket of goods is so stupid.
     
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  29. Swt

    Swt Well-Known Member
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    So tulips and now tether? We 2017 again? The lack of new fud is tiresome. Thought the EU maybe had something new cooking but what I’ve read so far they are still clueless. Everything is good for bitcoin. See you at 250k
     
  30. southside

    southside Well-Known Member
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    Switched all of my debt to tether yesterday from USDC. I don’t believe any of the fud but the market can be irrational, even if for a very brief period. The risks come to fruition and btc drops 50%, tether goes to zero and I have jack shit I need to pay back. For all you degens here (I think we have a few)
     
  31. letan

    letan Just looking for the gator board
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    why can’t it be both?
     
  32. user15000

    user15000 Well-Known Member

    The tether gods pumped the price to $20k in 2017, let it hang out around $3k and $4k for much of 2018, let it crash again to $5k in March 2020, and just now are deciding to pump it to $40k? That’s the story?

    What are they waiting for? Why did we hit $40k and drop to $30k? Why don’t they just pump it to $100k already? Why have they let the bottom fall out of the market multiple times if they have the capacity to drive price to $20k and $40k?

    The entire thing is illogical nonsense.
     
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  33. Whammy

    Whammy Donde es
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    I mean, if you think its a scam the answer is obvious. They pump it, take profits, and then let it crash. To make winners, there have to be losers. Bitcoins price action isn’t illogical if you really think that’s what’s going on.

    Nic Cárter guy seems to think the data is way off though and given it’s not really regulated I don’t know who to trust...it would add confidence if exchanges were regulated but I also know that isn’t entirely possible so idk just gonna have to keep believing
     
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  34. user15000

    user15000 Well-Known Member

    The data objectively does not include OTC buys, which makes it off by tens of billions of dollars.

    And no the price action is not logically tied to tether being able to move the entire price market, including at exchanges that don’t even trade it. If they can pump to $20k and take profits, why not 40? 50? 100? Why did they not do anything for 2018 and 2019? Are we just ignoring that they were audited in the past? Are we also ignoring the massive demand from grayscale, cash app, and PayPal? Are we ignoring that the market trades tether at 1:1 thus pricing in the risk of it being unbacked at 0%? Are we ignoring that btc has moved in 4 year price cycles its entire existence and has seen dramatic price increases in the 18 months after each halving?

    More transparency from them would be great. Their CTO and GC say as much on the podcast that just came out. But the narrative that tether is responsible for btc price is dumb and has been dumb for the years that it’s existed.
     
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  35. letan

    letan Just looking for the gator board
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    why haven’t they allowed an audit since 2017? seems that would go a long way in clearing everything up rather than the cto tweeting and appearing on podcasts.
     
  36. Whammy

    Whammy Donde es
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    Why not pump to 100? Why not 2018, 2019?Maybe to avoid further scrutiny. Not sure.

    What does the non-inclusion of OTC mean for the analyses? Since it’s all institutions and super high net worth, it’s not really indicative of the retail market.

    Also don’t think it’s fair to say the “market”
    is pricing tether. If there was a criminal syndicate manipulating the price, couldn’t that be observed as “the market.”

    Anyway, Balaji in the original tweet goes on to disagree and make the case that Bitcoin would be ok either way but he doesn’t entirely discount the article. Says it raises valid points
     
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  37. Whammy

    Whammy Donde es
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    Im sorry if it seems like I’m hating, I’m really not. I like to work out my own thinking through argument.

    Also, once a week, I really need to do a rewind of the ridiculous Bitcoin Twitter people. They might make me rich, but I feel like I would hate all of them in person







    r u srs rite now
     
  38. wes tegg

    wes tegg I'm a Guy's guy, guys.
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    They’re insufferable.
     
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  39. user15000

    user15000 Well-Known Member

    Tether has been under investigation since like November 2018. Awfully ballsy to pump to $41k while under investigation.

    It is fair to say that the market prices tether. Various exchanges trade it against the dollar. Those exchanges trade it at 1:1. That is the market pricing tether.

    When microstrategy buys $1b of btc, it does it OTC and without touching tether. Saylor literally has said this. So the massive institutional buying is not reflected in coinlib data.

    Anyways, I’ll leave the tether stuff alone. Some will continue believing it is responsible for price. Meanwhile stuff like this is happening

     
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  40. Whammy

    Whammy Donde es
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    Some of the bullets in that tweet are reaching but yes I agree with you that the institutional buy-in gives me confidence.

    A lot of things still don’t quite add up for me but a lot of legit smart guys seem to be taking it more seriously hence my dipping my toe
     
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  41. Whammy

    Whammy Donde es
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    By the way, I haven’t asked and more than happy with a “none of your business,” but if you’ve been buying Bitcoin since 2017 and 85% of your net worth is in Bitcoin your position ought to be worth tens of millions right?
     
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  42. letan

    letan Just looking for the gator board
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    lots of penny pumper vibes from the bitcoin tweeters
     
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  43. user15000

    user15000 Well-Known Member

    Not quite tens, but it's worth plenty. I just treat it as a savings account. All money that I don't need to live gets put into btc twice per month when I get paid.

    Meh. Saylor is a billionaire, and if you've ever listened to him talk, it's hard to think he isn't highly intelligent. He's an MIT rocket scientist grad. He also wrote a book basically calling for the rise of Apple/Google/Amazon and has stated on podcasts that he made $500m on a personal $50m investment into those companies in the early 2000s. His company has now bought $1.1B btc and he personally bought $175m worth. It should come as no surprise that he talks publicly about the investment. He's gone back and forth with Elon about it and has said that numerous public and private company CEOs have reached out to him about the logistics and regulatory issues of a btc purchase. There is a reason this is happening:

     
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  44. Whammy

    Whammy Donde es
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    Will it bother you if Bitcoin becomes extremely valuable, but at the expense of the “mission?” I.E. just becomes like any stock that’s traded vs. this thing that governments can’t touch without the need for an intermediary and unlocks new ways of commerce.

    Seems that, like gold, over time almost all Bitcoin will be in the hands of big institutional actors and will become a part of the existing banking system. Capital flocks to whatever is highest returning, and the internet didn’t turn out like it’s creators hoped in the 70’s, 80’s, and 90’s.

    Just curious
     
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  45. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    fwiw this is what i think happens, the more magical or that it's going to become the global dominant currency etc beliefs seem like part of the marketing mission behind it more than anything real.

    similar to gold if the global economy collapses your bitcoin won't be useful so that conspiratorial marketing side of the investing also doesnt work for me (similar to why i'm not stacking gold bars in my closet)

    BUT, there's enough demand and marketing propping it up that at the bare minimum it's a good area for speculation whether it's just predatory financial folks or not. with institutions getting involved I think the case for that is similarly strong, that they see it as an avenue to make money and be used like other assets.
     
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